<SEC-DOCUMENT>0001752724-20-114507.txt : 20200602
<SEC-HEADER>0001752724-20-114507.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200602171224
ACCESSION NUMBER:		0001752724-20-114507
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200602
EFFECTIVENESS DATE:		20200602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK DEBT STRATEGIES FUND, INC.
		CENTRAL INDEX KEY:			0001051003
		IRS NUMBER:				223564108
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08603
		FILM NUMBER:		20938011

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND
		DATE OF NAME CHANGE:	20030428

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEBT STRATEGIES FUND II INC
		DATE OF NAME CHANGE:	19971208
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>611594728.24</mnthlyAvgNetAssets>
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          <description>Common stock</description>
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</TEXT>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_8776164152131653.txt
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and Board of Trustees/Directors of
BlackRock Debt Strategies Fund, Inc., BlackRock Floating
Rate Income Strategies Fund, Inc. and BlackRock Limited
Duration Income Trust:

In planning and performing our audits of the financial
statements of BlackRock Debt Strategies Fund, Inc.,
BlackRock Floating Rate Income Strategies Fund, Inc. and
BlackRock Limited Duration Income Trust (the "Funds") as of
and for the period ended December 31, 2019, in accordance
with the standards of the Public Company Accounting
Oversight Board (United States) (PCAOB), we considered the
Funds' internal control over financial reporting, including
controls over safeguarding securities, as a basis for designing
our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting. Accordingly, we
express no such opinion.

The management of the Funds is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A company's internal
control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for
external purposes in accordance with generally accepted
accounting principles. A company's internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in
accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use,
or disposition of a company's assets that could have a material
effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the company's annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds' internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls for safeguarding
securities, that we consider to be a material weakness, as
defined above, as of December 31, 2019.

This report is intended solely for the information and use of
management and the Board of Trustees/Directors of the Funds
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.

Deloitte & Touche LLP
Boston, Massachusetts
February 25, 2020








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>NCEN_9969083930903182.htm
<TEXT>

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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SUB&#8209;INVESTMENT ADVISORY
AGREEMENT</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This SUB&#8209;INVESTMENT ADVISORY AGREEMENT dated
December 2, 2019 (this &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), among BlackRock Debt Strategies
Fund, Inc., a Maryland corporation (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fund</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), BlackRock Advisors,
LLC, a Delaware limited liability company (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), and BlackRock
International Limited, a corporation organized under the laws of Scotland (the
&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sub&#8209;Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor has agreed to furnish investment
advisory services to the Fund, a closed&#8209;end management investment company
registered under the Investment Company Act of 1940, as amended (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1940
Act</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor wishes to retain the Sub&#8209;Advisor
to provide it with certain sub&#8209;advisory services as described below in
connection with the Advisor&#8217;s advisory activities on behalf of the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the investment management agreement between the
Advisor and the Fund, dated April 2, 2014, as amended from time to time (such
agreement or the most recent successor agreement between such parties relating
to advisory services to the Fund is referred to herein as the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisory
Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), contemplates that the Advisor may appoint a sub&#8209;adviser
to perform investment advisory services with respect to the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, this Agreement has been approved in accordance
with the provisions of the 1940 Act, and the Sub&#8209;Advisor is willing to
furnish such services upon the terms and conditions herein set forth.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NOW, THEREFORE, in consideration of the mutual premises
and covenants herein contained and other good and valuable consideration, the
receipt of which is hereby acknowledged, it is agreed by and between the
parties hereto as follows:</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Appointment.</font></u></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Advisor hereby appoints the Sub&#8209;Advisor to act as sub&#8209;advisor
with respect to the Fund and the Sub&#8209;Advisor accepts such appointment and
agrees to render the services herein set forth for the compensation herein
provided. For the purposes of the rules, guidance and principles of the
Financial Conduct Authority of the United Kingdom (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">FCA</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), as
amended or consolidated from time to time (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">FCA Rules</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) and based on
information obtained in respect of the Advisor, the Advisor will be treated by
the Sub&#8209;Advisor as a professional client. The Advisor acknowledges and
accepts this categorization. The Advisor has the right to request a different
categorization at any time from the Sub&#8209;Advisor, however, the Sub&#8209;Advisor
only provides the services to professional clients and will no longer be able
to provide services to the Advisor in the event of a request for a change in categorization.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">By signing this Agreement, the Advisor acknowledges that it has been
separately provided with a copy of the supplemental disclosures document
provided to clients and potential clients of the Sub&#8209;Advisor that
contains the Sub&#8209;Advisor&#8217;s disclosures required under the Markets in
Financial Instruments Directive 2014/65/EU and Markets in Financial Instruments
Regulation EU 600/2014, as amended, and made available to the Advisor from time
to time </font></h2>
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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Supplemental Disclosures</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), which sets
out: (i) information on the services that the Sub&#8209;Advisor is required to
provide to the Advisor by applicable regulation and (ii) other information
which the Sub&#8209;Advisor deems appropriate. The Supplemental Disclosures
include, among other things: risk disclosures (which provide a description of
the nature of risks of financial instruments), a summary of the Sub&#8209;Advisor&#8217;s
conflicts of interest policy and disclosures, a summary of the Sub&#8209;Advisor&#8217;s
order execution policy, details of the reports the Sub&#8209;Advisor will provide
in relation to the services provided hereunder, details on how the Sub&#8209;Advisor
will provide the Advisor with information on costs and charges, and the Sub&#8209;Advisor&#8217;s
data protection notice.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services of the Sub&#8209;Advisor</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject to the succeeding
provisions of this section, the oversight and supervision of the Advisor and
the direction and control of the Board of Directors of the Fund, the Sub&#8209;Advisor
will perform certain of the day&#8209;to&#8209;day operations of the Fund,
which may include one or more of the following services, at the request of the
Advisor: (a) acting as investment advisor for and managing the investment and
reinvestment of those assets of the Fund as the Advisor may from time to time
request and in connection therewith have complete discretion in purchasing and
selling such securities and other assets for the Fund and in voting, exercising
consents and exercising all other rights appertaining to such securities and
other assets on behalf of the Fund; (b) arranging, subject to the provisions of
paragraph 3 hereof, for the purchase and sale of securities and other assets of
the Fund; (c) providing investment research and credit analysis concerning the
Fund&#8217;s investments; (d) assisting the Advisor in determining what portion of
the Fund&#8217;s assets will be invested in cash, cash equivalents and money market
instruments; (e) placing orders for all purchases and sales of such investments
made for the Fund; and (f) maintaining the books and records as are required to
support the Fund&#8217;s investment operations. At the request of the Advisor, the
Sub&#8209;Advisor will also, subject to the oversight and supervision of the
Advisor and the direction and control of the Board of Directors of the Fund,
provide to the Advisor or the Fund any of the facilities and equipment and
perform any of the services described in Section 3 of the Advisory Agreement.
In addition, the Sub&#8209;Advisor will keep the Fund and the Advisor informed
of developments materially affecting the Fund and shall, on its own initiative,
furnish to the Fund from time to time whatever information the Sub&#8209;Advisor
believes appropriate for this purpose. The Sub&#8209;Advisor will periodically
communicate to the Advisor, at such times as the Advisor may direct,
information concerning the purchase and sale of securities for the Fund,
including: (a) the name of the issuer, (b) the amount of the purchase or sale,
(c) the name of the broker or dealer, if any, through which the purchase or
sale is effected, (d) the CUSIP number of the instrument, if any, and (e) such
other information as the Advisor may reasonably require for purposes of
fulfilling its obligations to the Fund under the Advisory Agreement. The Sub&#8209;Advisor
will provide the services rendered by it under this Agreement in accordance
with the Fund&#8217;s investment objective, policies and restrictions as stated in
the Fund&#8217;s Prospectus and Statement of Additional Information (as currently in
effect and as they may be amended or supplemented from time to time) and the
resolutions of the Fund&#8217;s Board of Directors.</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Sub&#8209;Advisor represents, warrants and covenants
that it is authorized and regulated by the FCA.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Covenants</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. (a) In the performance of its duties under this
Agreement, the Sub&#8209;Advisor shall at all times conform to, and act in
accordance with, any requirements imposed </font></h1>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">by: (i)
the provisions of the 1940 Act, and the Investment Advisers Act of 1940, as
amended (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Advisers Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), and all applicable Rules and Regulations
of the Securities and Exchange Commission (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">SEC</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;); (ii) any other
applicable provision of law; (iii) the provisions of the Charter and By&#8209;Laws
of the Fund, as such documents are amended from time to time; (iv) the
investment objective and policies of the Fund as set forth in its Registration
Statement on Form N&#8209;2; and (v) any policies and determinations of the
Board of Directors of the Fund.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition, the Sub&#8209;Advisor will:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provide the Supplemental Disclosures, which include information on the
Sub&#8209;Advisor&#8217;s order execution policy (the &#8220;Order Execution Policy&#8221;). The Advisor
confirms that it has read and understood, and consents to, the Order Execution
Policy. In particular, the Advisor consents to: (i) the Sub&#8209;Advisor
trading through brokers/counterparties and/or outside of a Trading Venue (as
defined in the FCA Rules), and (ii) some or all orders resulting from the Sub&#8209;Advisor&#8217;s
decisions to deal on the Advisor&#8217;s behalf, or received from the Advisor, to be
placed with an affiliated company, who will act as agent for the purpose of
executing such orders in accordance with the Order Execution Policy. Subject to
the other provisions of this paragraph, in placing orders with brokers and
dealers, the Sub&#8209;Advisor will attempt to obtain the best price and the
most favorable execution of its orders in accordance with the Order Execution
Policy. In placing orders, the Sub&#8209;Advisor will consider the experience
and skill of the firm&#8217;s securities traders as well as the firm&#8217;s financial
responsibility and administrative efficiency. Consistent with this obligation,
the Sub&#8209;Advisor may select brokers on the basis of the research,
statistical and pricing services they provide to the Fund and other clients of
the Advisor or the Sub&#8209;Advisor. Information and research received from
such brokers will be in addition to, and not in lieu of, the services required
to be performed by the Sub&#8209;Advisor hereunder. A commission paid to such
brokers may be higher than that which another qualified broker would have
charged for effecting the same transaction, provided that the Sub&#8209;Advisor
determines in good faith that such commission is reasonable in terms either of
the transaction or the overall responsibility of the Advisor and the Sub&#8209;Advisor
to the Fund and their other clients and that the total commissions paid by the
Fund will be reasonable in relation to the benefits to the Fund over the long&#8209;term.
In no instance, however, will the Fund&#8217;s securities be purchased from or sold
to the Advisor, the Sub&#8209;Advisor or any affiliated person thereof, except
to the extent permitted by the SEC or by applicable law. Subject to the
foregoing and the provisions of the 1940 Act, the Securities Exchange Act of
1934, as amended, and other applicable provisions of law, the Sub&#8209;Advisor
may select brokers and dealers with which it or the Fund is affiliated;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">maintain books and records with respect to the Fund&#8217;s securities
transactions and will render to the Advisor and the Fund&#8217;s Board of Directors,
such periodic and special reports as they may request;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">maintain a policy and practice of conducting its investment advisory
services hereunder independently of the commercial banking operations of its
affiliates. When the Sub&#8209;Advisor makes investment recommendations for the
Fund, its investment advisory personnel will not inquire or take into
consideration whether the issuer of </font></h3>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">securities proposed
for purchase or sale for the Fund&#8217;s accounts are customers of the commercial
department of its affiliates;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">treat confidentially and as proprietary information of the Fund all
records and other information relative to the Fund, and the Fund&#8217;s prior,
current or potential shareholders, and will not use such records and
information for any purpose other than performance of its responsibilities and
duties hereunder, except after prior notification to and approval in writing by
the Fund which approval shall not be unreasonably withheld and may not be
withheld where the Sub&#8209;Advisor may be exposed to civil or criminal
contempt proceedings for failure to comply, when requested to divulge such
information by duly constituted authorities, or when so requested by the Fund;
and</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(v)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">be responsible for ensuring that the Advisor complies with any position
limit that the FCA or any other applicable regulator might apply to any
commodity derivatives held in the Fund. The Advisor shall provide the Sub&#8209;Advisor
with information relating to any positions in commodity derivatives held
outside of the Fund by the Advisor or any other member of its group, as
applicable.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition, the Advisor:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">agrees that the Sub&#8209;Advisor may, to the extent permitted by the
FCA Rules, aggregate transactions for the Fund with transactions for other
clients and/or its own account, but shall be under no obligation to aggregate
transactions for the Fund. In relation to a particular order, aggregation may
operate on some occasions to the advantage of the Advisor and on other
occasions to the Advisor&#8217;s disadvantage. However, it must be unlikely that the
aggregation of orders and transactions will work overall to the disadvantage of
the Advisor before transactions will be aggregated; and</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">instructs the Sub&#8209;Advisor not to make or book client limit orders
(being a specific instruction from the Advisor to buy or sell a financial
instrument at a specified price limit or better and for a specified size) in
respect of securities admitted to trading on a regulated market which are not
immediately executed under prevailing market conditions.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Advisor acknowledges that the Sub&#8209;Advisor does not hold
&#8220;client money&#8221; and/or &#8220;safe custody assets&#8221; for the Advisor under the Client
Asset Rules (the &#8220;CASS Rules&#8221;) of the FCA.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services Not Exclusive</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Nothing in this Agreement shall prevent
the Sub&#8209;Advisor or any officer, employee or other affiliate thereof from
acting as investment advisor for any other person, firm or corporation, or from
engaging in any other lawful activity, and shall not in any way limit or
restrict the Sub&#8209;Advisor or any of its officers, employees or agents from
buying, selling or trading any securities for its or their own accounts or for
the accounts of others for whom it or they may be acting; provided, however,
that the Sub&#8209;Advisor will undertake no activities which, in its judgment,
will adversely affect the performance of its obligations under this Agreement.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h1>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Books and Records</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. In compliance with the requirements of Rule
31a&#8209;3 under the 1940 Act, the Sub&#8209;Advisor hereby agrees that all
records which it maintains for the Fund are the property of the Fund as the
case may be and further agrees to surrender promptly to the Fund, any such
records upon the Fund&#8217;s request as the case may be. The Sub&#8209;Advisor
further agrees to preserve for the periods prescribed by Rule 31a&#8209;2 under
the 1940 Act the records required to be maintained by Rule 31a&#8209;1 under
the 1940 Act (to the extent such books and records are not maintained by the
Advisor).</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Agency Cross Transactions</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. From time to time, the Sub&#8209;Advisor
or brokers or dealers affiliated with it may find themselves in a position to
buy for certain of their brokerage clients (each an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Account</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;)
securities which the Sub&#8209;Advisor&#8217;s investment advisory clients wish to
sell, and to sell for certain of their brokerage clients securities which
advisory clients wish to buy. Where one of the parties is an advisory client,
the Advisor or the affiliated broker or dealer cannot participate in this type
of transaction (known as a cross transaction) on behalf of an advisory client
and retain commissions from both parties to the transaction without the
advisory client&#8217;s consent. This is because in a situation where the Sub&#8209;Advisor
is making the investment decision (as opposed to a brokerage client who makes
his own investment decisions), and the Sub&#8209;Advisor or an affiliate is
receiving commissions from one or both sides of the transaction, there is a
potential conflicting division of loyalties and responsibilities on the Sub&#8209;Advisor&#8217;s
part regarding the advisory client. The SEC has adopted a rule under the
Advisers Act which permits the Sub&#8209;Advisor or its affiliates to
participate on behalf of an Account in agency cross transactions if the
advisory client has given written consent in advance. By execution of this
Agreement, the Fund authorizes the Sub&#8209;Advisor or its affiliates to
participate in agency cross transactions involving an Account. The Fund may
revoke its consent at any time by written notice to the Sub&#8209;Advisor.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Expenses</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. During the term of this Agreement, the Sub&#8209;Advisor
will bear all costs and expenses of its employees and any overhead incurred by
the Sub&#8209;Advisor in connection with its duties hereunder; provided that
the Board of Directors of the Fund may approve reimbursement to the Sub&#8209;Advisor
of the pro&#8209;rata portion of the salaries, bonuses, health insurance,
retirement benefits and all similar employment costs for the time spent on the
Fund&#8217;s operations (including, without limitation, compliance matters) (other
than the provision of investment advice and administrative services required to
be provided hereunder) of all personnel employed by the Sub&#8209;Advisor who
devote substantial time to the Fund&#8217;s operations or the operations of other
investment companies advised or sub&#8209;advised by the Sub&#8209;Advisor.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For that portion of the Fund for which the Sub&#8209;Advisor acts as sub&#8209;advisor,
the Advisor agrees to pay to the Sub&#8209;Advisor and the Sub&#8209;Advisor
agrees to accept as full compensation for all services rendered by the Sub&#8209;Advisor
pursuant to this Agreement, an annual fee in arrears in an amount equal to 50%
of the management fees received by the Advisor from the Fund with respect to
the average daily value of the Managed Assets of the Fund allocated to the Sub&#8209;Advisor.
&#8220;Managed Assets&#8221; means the total assets of the Fund (including any assets
attributable to money borrowed for investment purposes) minus the sum of the
Fund&#8217;s accrued liabilities (other than money borrowed for investment purposes).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h2>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For purposes of this Agreement, the Managed Assets of the Fund shall be
calculated pursuant to the procedures adopted by resolutions of the Board of
Directors of the Fund for calculating the value of the Fund&#8217;s assets or
delegating such calculations to third parties.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnity.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Fund may, with the prior consent of the Board of Directors of the
Fund, including a majority of the directors of the Fund that are not
&#8220;interested persons&#8221; of the Fund (as defined in Section 2(a)(19) of the 1940
Act), indemnify the Sub&#8209;Advisor and each of the Sub&#8209;Advisor&#8217;s
directors, officers, employees, agents, associates and controlling persons and
the directors, partners, members, officers, employees and agents thereof
(including any individual who serves at the Sub&#8209;Advisor&#8217;s request as
director, officer, partner, member, trustee or the like of another entity)
(each such person being an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnitee</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) against any liabilities and
expenses, including amounts paid in satisfaction of judgments, in compromise or
as fines and penalties, and counsel fees (all as provided in accordance with
applicable state law) reasonably incurred by such Indemnitee in connection with
the defense or disposition of any action, suit or other proceeding, whether
civil or criminal, before any court or administrative or investigative body in
which such Indemnitee may be or may have been involved as a party or otherwise
or with which such Indemnitee may be or may have been threatened, while acting
in any capacity set forth herein or thereafter by reason of such Indemnitee
having acted in any such capacity, except with respect to any matter as to
which such Indemnitee shall have been adjudicated not to have acted in good
faith in the reasonable belief that such Indemnitee&#8217;s action was in the best
interest of the Fund and furthermore, in the case of any criminal proceeding,
so long as such Indemnitee had no reasonable cause to believe that the conduct
was unlawful; provided, however, that (1) no Indemnitee shall be indemnified
hereunder against any liability to the Fund, the Fund&#8217;s shareholders or any
expense of such Indemnitee arising by reason of (i) willful misfeasance, (ii) bad
faith, (iii) gross negligence or (iv) reckless disregard of the duties involved
in the conduct of such Indemnitee&#8217;s position (the conduct referred to in such
clauses (i) through (iv) being sometimes referred to herein as &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">disabling
conduct</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), (2) as to any matter disposed of by settlement or a compromise
payment by such Indemnitee, pursuant to a consent decree or otherwise, no
indemnification either for said payment or for any other expenses shall be
provided unless there has been a determination that such settlement or
compromise is in the best interests of the Fund and that such Indemnitee
appears to have acted in good faith in the reasonable belief that such Indemnitee&#8217;s
action was in the best interest of the Fund and did not involve disabling
conduct by such Indemnitee and (3) with respect to any action, suit or other
proceeding voluntarily prosecuted by any Indemnitee as plaintiff,
indemnification shall be mandatory only if the prosecution of such action, suit
or other proceeding by such Indemnitee was authorized by a majority of the full
Board of Directors of the Fund, including a majority of the directors of the
Fund who are not &#8220;interested persons&#8221; of the Fund (as defined in Section
2(a)(19) of the 1940 Act).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Fund shall make advance payments in connection with the expenses of
defending any action with respect to which indemnification might be sought
hereunder if the Fund receives a written affirmation of the Indemnitee&#8217;s good
faith belief that the standard of conduct necessary for indemnification has
been met and a written undertaking to reimburse the Fund unless it is
subsequently determined that such Indemnitee is entitled to such </font></h2>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">indemnification and if the directors of the Fund determine
that the facts then known to them would not preclude indemnification. In
addition, at least one of the following conditions must be met: (A) the
Indemnitee shall provide a security for such Indemnitee&#8209;undertaking, (B)
the Fund shall be insured against losses arising by reason of any unlawful
advance, or (C) a majority of a quorum consisting of directors of the Fund who
are neither &#8220;interested persons&#8221; of the Fund (as defined in Section 2(a)(19) of
the 1940 Act) nor parties to the proceeding (&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Disinterested Non&#8209;Party
Directors</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) or an independent legal counsel in a written opinion, shall
determine, based on a review of readily available facts (as opposed to a full
trial&#8209;type inquiry), that there is reason to believe that the Indemnitee
ultimately will be found entitled to indemnification.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">All determinations with respect to indemnification hereunder shall be
made (1) by a final decision on the merits by a court or other body before whom
the proceeding was brought that such Indemnitee is not liable by reason of
disabling conduct, or (2) in the absence of such a decision, by (i) a majority
vote of a quorum of the Disinterested Non&#8209;Party Directors of the Fund, or
(ii) if such a quorum is not obtainable or even, if obtainable, if a majority
vote of such quorum so directs, independent legal counsel in a written opinion.
All determinations that advance payments in connection with the expense of
defending any proceeding shall be authorized shall be made in accordance with
the immediately preceding clause (2) above.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The rights accruing to any Indemnitee under these
provisions shall not exclude any other right to which such Indemnitee may be
lawfully entitled.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Limitation on Liability</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Sub&#8209;Advisor will not be liable for any error of judgment or
mistake of law or for any loss suffered by the Advisor or by the Fund in
connection with the performance of this Agreement, except a loss resulting from
a breach of fiduciary duty with respect to the receipt of compensation for
services or a loss resulting from willful misfeasance, bad faith or gross
negligence on its part in the performance of its duties or from reckless
disregard by it of its duties under this Agreement.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Duration and Termination</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">This Agreement shall become effective as of the date hereof and, unless
sooner terminated with respect to the Fund as provided herein, shall continue
in effect for a period of two years. Thereafter, if not terminated, this
Agreement shall continue in effect with respect to the Fund for successive
periods of 12 months, provided such continuance is specifically approved at
least annually by both (a) the vote of a majority of the Fund&#8217;s Board of
Directors or a vote of a majority of the outstanding voting securities of the
Fund at the time outstanding and entitled to vote and (b) by the vote of a
majority of the Directors, who are not parties to this Agreement or interested
persons (as such term is defined in the 1940 Act) of any such party, cast in
person at a meeting called for the purpose of voting on such approval.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding the foregoing, this Agreement may be terminated by the
Fund or the Advisor at any time, without the payment of any penalty, upon
giving the Sub&#8209;Advisor 60 days&#8217; notice (which notice may be waived by the
Sub&#8209;Advisor), provided that such termination by the Fund or the Advisor
shall be directed or approved by the vote of a majority of the </font></h2>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Directors of the Fund in office at the time or by the vote
of the holders of a majority of the voting securities of the Fund at the time
outstanding and entitled to vote, or by the Sub&#8209;Advisor on 60 days&#8217;
written notice (which notice may be waived by the Fund and the Advisor), and
will terminate automatically upon any termination of the Advisory Agreement
between the Fund and the Advisor. This Agreement will also immediately
terminate in the event of its assignment. (As used in this Agreement, the terms
&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">majority of the outstanding voting securities</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">,&#8221; &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">interested</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"> </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">person</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;
and &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">assignment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; shall have the same meanings of such terms in the 1940
Act.)</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notices and Communications</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any legal notice under this Agreement
shall be in writing to the other party at such address as the other party may
designate from time to time for the receipt of such legal notice and shall be
deemed to be received on the earlier of the date actually received or on the
fourth day after the postmark if such legal notice is mailed first class
postage prepaid. In relation to communications other than legal notices under
this Agreement, each party may communicate with and provide information to the
other party in whatever medium deemed appropriate. This may include the use of
e&#8209;mail, the internet or other electronic means, in the place of paper
communications.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Amendment of this Agreement</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. No provision of this Agreement may
be changed, waived, discharged or terminated orally, but only by an instrument
in writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought. Any amendment of this Agreement shall be
subject to the 1940 Act.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">14.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Miscellaneous</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">15.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Governing Law</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York for contracts to be
performed entirely therein without reference to choice of law principles
thereof and in accordance with the applicable provisions of the 1940 Act.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">16.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Counterparts</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. This Agreement may be executed in counterparts by
the parties hereto, each of which shall constitute an original counterpart, and
all of which, together, shall constitute one Agreement.</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[Signature Page Follows]</font></i></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS WHEREOF, the parties
hereto have caused this instrument to be executed by their duly authorized
officers designated below as of the day and year first above written.</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK ADVISORS, LLC</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Neal J. Andrews&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Neal J. Andrews<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK INTERNATIONAL LIMITED</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Jeremy Agnew&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Jeremy Agnew<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK INTERNATIONAL LIMITED</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Jeanette Teo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Jeanette Teo<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK DEBT STRATEGIES FUND, INC.</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ John Perlowski&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; John Perlowski<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; President and Chief Executive Officer</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




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